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Kodal Minerals LSE:KOD London Ordinary Share GB00BH3X7Y70 ORD 0.03125P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.185p 0.17p 0.20p 0.19p 0.185p 0.185p 6,387,381 11:47:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.9 -0.0 - 14.27

Kodal Minerals PLC Bougouni Final Assay Results

12/02/2019 7:00am

UK Regulatory (RNS & others)


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Kodal Minerals PLC

12 February 2019

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

12 February 2019

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

Final Assay Results up to 31m at 1.33% Li(2) O Continue High Grade Lithium Intersections

Bougouni Lithium Project, Southern Mali

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project ('the Project' or 'Bougouni'), is pleased to report the receipt of final assay results for the drilling completed at the Company's 450km(2) Bougouni Lithium Project in Southern Mali. This announcement reports the final Reverse Circulation ('RC') drill results from the Sogola-Baoule and Boumou prospects, completing the results from the drilling programme for November and December 2018.

Highlights

-- Sogola-Baoule prospect RC drilling returns further wide, high-grade mineralisation. Intersections include:

o 31m at 1.33% Li(2) O from 85m in drill hole MDRC123;

o 27m at 1.06% Li(2) O from 92m in drill hole MDRC124;

o 30m at 1.06% Li(2) O from 210m

(Includes 17m at 1.33% Li(2) O from 217m) and

10m at 1.78% Li(2) O from 255m in drill hole MDRC128.

(Note all depths are downhole depth, and true vertical depth will be shallower or closer to surface.)

   --   Boumou prospect RC drilling returned additional mineralised intersections including: 

o 11m at 1.32% Li(2) O from 114m and

11m at 1.03% Li(2) O from 128m in drill hole KLRC145;

(Note all depths are downhole depth, and true vertical depth will be shallower or closer to surface. Intersection from 114m previously reported)

   --   Mineral Resource estimate remains on schedule for announcement by the end of February 2019. 

Bernard Aylward, CEO of Kodal Minerals, said: "The final assay results for the Bougouni drilling programme, completed in November and December 2018, reported today highlight the excellent continuity and width of the pegmatite mineralisation at the Sogola-Baoule and Boumou prospects. These results will be incorporated into the geological and mineralisation model that will update our JORC Mineral Resource.

"Kodal is continuing the fast track development of the Bougouni lithium project and has recently met with both the Mali Minister of Mines and delegation to provide an update on the Project. The first step is to complete the update of the JORC Mineral Resource as this will be utilised for the future mine design and scheduling. The Company is also finalising the metallurgical testwork and the engineering design of the proposed processing plant."

Further Information

Bougouni Lithium Project - Drilling Update

Sogola-Baoule Prospect

The Sogola-Baoule RC drilling targeted the north eastern and depth extension of the prospect and was designed to provide definition to the wide zones of the pegmatite vein that had returned high grade mineralisation. This zone has returned multiple parallel pegmatite veins and the most recent drilling results have confirmed the continuity of the thickened pegmatite zone as well as further confirming continuity to the parallel pegmatite veins.

Significant intersections for the final RC drill holes were calculated using a 1% Li(2) O lower cut-off, the maximum 2m internal dilution are tabled below:

 
                                      Hole 
                                     Depth   From    To   Thickness   Li(2) 
 Hole Id     Northing   Easting          m      m     m           m     O % 
 MDRC123      1253610    653235        127     85   116          31    1.33 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 MDRC124      1253624    653261        133     92   119          27    1.06 
                                  includes     92   102          10    1.08 
                            and   includes    105   109           4    1.16 
                            and   includes    113   118           5    1.59 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 MDRC125      1253494    652949        100    133   153          20    1.23 
                                  includes    133   139           6    1.42 
                            and   includes    146   153           7    1.56 
                                              178   183           5    1.83 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 MDRC126      1253629    653133        232     53    61           8    1.28 
                                              155   161           6    1.31 
                                              205   221          16    1.32 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 MDRC127B     1253783    653438        235    139   154          15    1.20 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 MDRC128      1253825    653548        283    210   240          30    1.06 
                                  includes    217   234          17    1.35 
                                              255   265          10    1.78 
            ---------  --------  ---------  -----  ----  ----------  ------ 
 

Notes: Drill holes are RC drill holes. Drill holes have been sampled on a 1.0 basis with samples collected via a riffle split system. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 - Zone 29N, and all holes are surveyed down-hole for dip and azimuth on approximately 30m intervals. All drill holes are geologically logged, and sampling for analysis is based on geological boundaries. Samples are analysed by ALS Global. Assay results are reported as Li% and converted to Li(2) O% by a factor of 2.153. Intersections are reported using a 1%Li(2) O lower-cut-off, and allow for a maximum of 2m internal dilution.

These final drill hole results have provided sufficient definition to confidentially model the geology and mineralisation of the Sogola-Baoule prospect. The drill hole results confirm the presence of shallow mineralisation and confirm continuity from near surface to over 150m depth. This central and north eastern extension of the Sogola-Baoule prospect is a priority zone and future open-pit mining assessment will target this key zone as a potential starting zone for a mining operation.

Boumou Prospect

As previously announced, the RC drill holes completed in November and December 2018 were designed to define and extend the identified lithium mineralisation at the Sogola-Baoule and Boumou prospects. The final results today highlight the potential for an extension of the mineralisation to the south west.

Significant intersections for the RC drilling were calculated using a 1% Li(2) O lower cut-off, the maximum 2m internal dilution are tabled below:

 
                                   Hole 
                                  Depth    From      To   Thickness   Li(2) 
 Hole Id    Northing   Easting        m       m       m           m     O % 
 KLRC145     1255519    655199      145     114     125          11   1.32* 
           ---------  --------  -------  ------  ------  ----------  ------ 
 KLRC145                                    128     139          11    1.03 
           ---------  --------  -------  ------  ------  ----------  ------ 
 
 

Notes: Drill holes are RC drill holes. Intersection * previously reported. Drill holes have been sampled on a 1.0 basis with samples collected via a riffle split system. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 - Zone 29N, and all holes are survey down-hole for dip and azimuth on approximately 30m intervals. All drill holes are geologically logged, and sampling for analysis in based on geological boundaries. Samples analysed by ALS Global. Assay results are reported as Li% and converted to Li(2) O% by a factor of 2.153. Intersections are reported using a 1%Li(2) O lower-cut-off and allowing for a maximum of 2m internal dilution.

The drilling results for the Boumou prospect are from holes located in the southern portion of the prospect and have demonstrated a continued extension of the multiple mineralised pegmatite veins and further indicate that the prospect remains open to the south west and north east. The geological modelling of the Boumou prospect demonstrates continuity of multiple parallel veins and demonstrates potential to expand the mineralisation to the south west. The drilling at Boumou remains wide spaced and it is expected that the updated JORC Mineral Resource will remain in the Inferred category, however clear extension and definition targets have been highlighted.

Competent Persons Statement

The exploration results and activity reported in this announcement have been reviewed by Mr Bernard Aylward who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Aylward consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

**S**

For further information, please visit www.kodalminerals.com or contact the following:

 
 Kodal Minerals plc 
  Bernard Aylward, CEO                          Tel: +61 418 943 
                                                345 
 Allenby Capital Limited, Nominated Adviser 
  Jeremy Porter/Nick Harriss                    Tel: 020 3328 
                                                5656 
 SP Angel Corporate Finance LLP, Financial 
  Adviser & Broker                              Tel: 020 3470 
  John Mackay                                   0470 
 St Brides Partners Ltd, Financial PR 
  Susie Geliher/Cosima Akerman                  Tel: 020 7236 
                                                1177 
 

About Kodal Minerals

Kodal Minerals' primary focus is on the rapid advancement of its flagship Bougouni Lithium Project in Southern Mali towards production. The recently completed Maiden JORC Resource Estimate placed the Bougouni Project in the top 15 hard rock lithium projects globally and was calculated using only three of the eight currently recognised prospects demonstrating the significant exploration upside potential remaining across the 450km(2) project area. The Mineral Resource estimate for the Ngoualana, Sogola-Baoule and Boumou prospects are tabulated below. These mineral resources are reported in accordance with the JORC Code:

 
                                      Contained Li(2) 
                  Tonnes   Li(2) O%                 O 
                    (Mt)      Grade              (kt) 
 Sogola_Baoule      10.4       1.18             122.2 
                 -------  ---------  ---------------- 
 Ngoualana           4.7       1.34              62.8 
                 -------  ---------  ---------------- 
 Boumou              2.2       1.04              22.9 
                 -------  ---------  ---------------- 
 Total              17.3       1.20             207.9 
                 -------  ---------  ---------------- 
 

Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.

The Bougouni Project is located in an emerging lithium province that is already attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium. With the support of its strategic investor and off-take partner Suay Chin International Pte, a Singapore-based lithium and chemical trader, Kodal Minerals is well funded to continue its ambitious development programme at Bougouni.

Further to this, Kodal Minerals is the manager of additional lithium and gold projects that are undergoing low cost exploration programmes in addition to JV funded gold properties in Cote d'Ivoire that offer potentially significant long-term value.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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February 12, 2019 02:00 ET (07:00 GMT)

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